Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent-owned subsidiary Oakley Co. follow: Cash Accounts receivable (net) Merchandise inventory Buildings and equipment (net) Trademark Totals Accounts payable Notes payable, long-term Noncontrolling interest Common stock, $10 par Retained earnings (deficit) Totals 2014 2013 $ 9,550 $ 10.600 49.550 22.750 82,750 39,750 102,000 116,500 118,500 136,500 $362,350 $326,100 $43,050. $43,200. $21,600. $15,700. $ 92,600 $ 71,000 0 31,700 52,800 43,000 200,000 200,000 16,950 (19,600) $362,350 $ 326,100 Additional Information for Fiscal Year 2014 • Iverson and Oakley's consolidated net income was $58,750. Oakley paid $7,000 in dividends during the year. Iverson paid $11,000 in dividends. Oakley sold $18,000 worth of merchandise to Iverson during the year. There were no purchases or sales of long-term assets during the year. In the 2014 consolidated statement of cash flows for Iverson Company: Net cash flows from operating activities were

Comparative consolidated balance sheet data for Iverson, Inc., and its 80 percent-owned subsidiary Oakley Co. follow: Cash Accounts receivable (net) Merchandise inventory Buildings and equipment (net) Trademark Totals Accounts payable Notes payable, long-term Noncontrolling interest Common stock, $10 par Retained earnings (deficit) Totals 2014 2013 $ 9,550 $ 10.600 49.550 22.750 82,750 39,750 102,000 116,500 118,500 136,500 $362,350 $326,100 $43,050. $43,200. $21,600. $15,700. $ 92,600 $ 71,000 0 31,700 52,800 43,000 200,000 200,000 16,950 (19,600) $362,350 $ 326,100 Additional Information for Fiscal Year 2014 • Iverson and Oakley's consolidated net income was $58,750. Oakley paid $7,000 in dividends during the year. Iverson paid $11,000 in dividends. Oakley sold $18,000 worth of merchandise to Iverson during the year. There were no purchases or sales of long-term assets during the year. In the 2014 consolidated statement of cash flows for Iverson Company: Net cash flows from operating activities were

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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